Motilal Oswal's research report on Bosch
BOS’s performance divergence continued in 2QFY23 with good revenue evolution but it continued to disappoint on profitability. We expect continued revenue outperformance on account of a CV cycle revival, higher content, and increase in exports; however, we are waiting for margins to recover to 14-15%. With CMP reflecting all the negatives, we expecting no major re-rating catalysts on the anvil. We raise our FY23 estimates by 5% to factor in for higher ‘other income’ while broadly maintaining our FY24 estimates.
Outlook
We reiterate our Neutral rating on the stock with a TP of INR16,250 (~25x Sep’24E EPS).
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